Muddy Waters says short Sunrun on ‘greatly exaggerated’ subscriber numbers

In a recently published report, Muddy Waters said it is “again short Sunrun” as it now believes Sunrun has “greatly exaggerated its Subscriber numbers for years, with the current overstatement seemingly close to five quarters of reported deployments. It appears that Sunrun has been claiming and selling tax credits on these inflated numbers as well. The amount of possible excess tax credits for 2022 alone could be ~$200 million.” Overall, Muddy Waters’ cites “likely substantially inflated per subscriber value, seemingly greatly inflated number of subscribers, possible ITC issues, and dumpster fire financials.” Sunrun’s stock had dropped about 9% to $8.81 in Wednesday morning trading.